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Thursday, February 04, 2010

UCO Bank FPO by March-end, to raise Rs 400cr

UCO Bank plans to come out with a follow-on public offering (FPO). Its board has approved the issue of 60 million shares on January 30.

SK Goel, Chairman, UCO Bank, says the bank would raise money via an FPO and not a qualified institutional placement (QIP). "The bank will come out with an FPO of six crore shares by March-end and will offer a discount to retail investors."

He expects to raise Rs 400 crore via the FPO and sees the government infusing Rs 500 crore.

The bank had raised Rs 240 crore via an initial public offering (IPO) in September 2003, priced at Rs 12 per share.

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